Business Insurance

Am in the middle of doing tax papers, and I realized I've never talked about adequate business insurance and what it costs. Essentially, everyone needs to decide what they have invested, the level of equipment they have, the office furniture, business library, software, supplies on hand, lighting, office decor, and more.

So, just by way of reference....

We have added a business part to our home coverage that covers home office/business use. If you don't have home coverage, not sure what options you have available. We have both home contents and home structure covered. The business stuff is added as a separate line item to the coverages.

Buildings--excluded (This is actually part of the home structure coverage, so we didn't add anything for this. If you use a shed out back, talk to your agent.)

Business Personal Property--this is all the equipment, furniture, etc. I have $17,600 coverage. I think this came in increments. I don't think I specifically said $17,600. It might have just been the increment. The next increment up was really too high, and the increment lower was too low.

Loss of income- 12 months--Actual Loss.

Business Liability--$300,000

Medical Payments--$10,000

Products--Completed Operations (PCO) aggregate--$600,000

General aggregate (other than PCO)--$600,000

Some of these are for when someone comes to my home for business purposes, and if they trip, fall, and break a leg. Not all indexers have folks coming over. I have a subcontractor who DOES come over to pick up and drop off work, we discuss admin stuff going on, etc. So, I carry some insurance just in case.

And the others I carry for a reason, also.

If you choose to insure, figure out what your needs are. Then talk to your agent.

So, what does all this insurance cost each month?

$27.08

This gives you a starting point to ponder your own insurance needs.

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